China Telecom aims to raise US$8.5 billion in China market IPO

China Telecom is set to raise up to 54.2 billion yuan (US$8.5 billion) as one of the biggest IPOs in China this year after setting its initial public offering price on Friday. 

The carrier set its IPO price at 4.53 yuan and plans to take online subscriptions on the Shanghai Stock Market on Monday, it said. 

China Telecom, China Mobile and China Unicom will be listed on the Chinese market this year after they were delisted from United States' markets. They are all currently listed in Hong Kong.

Through the IPO, China Telecom plans to finance a 5G industrial Internet project, cloud business expansion and other innovations, the company said.

China Mobile has applied to list on the Chinese mainland and may be the biggest domestic IPO in the recent years.

In May, the three carriers were asked by US authorities to delist from the American market. China Telecom's domestic pivot is to neutralize the impact of that delisting.